Interfax is reporting that Russian president Vladimir Putin has issued a decree banning or limiting the import of foodstuffs, farm produce, and raw materials from countries that have signed joint sanctions against Russia.

Among the American companies with exposure to Russia are Philip Morris, Pepsi, and Avon Products, according to a report from Robert Buckland the global strategy team at Citi.

The companies most exposed to Russia, according to Citi, are Germany-based Coca-Cola Hellenic and Danish beer maker Carlsberg.

Following the latest headlines, U.S. markets, as well as the ETF tracking Russia, were little changed.

On Tuesday, stocks sold off sharply in the afternoon after headlines crossed that Russia has increased its military presence along the Ukraine border.

However, in his morning commentary on Wednesday, however, UBS' Art Cashin said the sell-off, however, didn't pass the "Sherlock Holmes" test, attributing yesterday's decline in stocks to "internal technicals," not anything related to geopolitical developments.